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Sunday, 28 March 10
DEMAND FROM INDIA RESHAPING THE GLOBAL COAL MARKET - DAVE FOREST
 Attention international coal industry. There's a new kid on the block.
The nation of India.
India is emerging as a major re-shaping force for the global coal market. With in-country coal supplies flagging, Indian buyers are increasingly turning to imports to meet demand.
The situation at many of the nation's power plants is dire. The federal Central Electricity Authority monitors coal stockpiles at 79 plants throughout India. As of yesterday, 19 of those plants (25%) were running at "critical" levels, with less than 7 days worth of coal on hand.
In fact, 9 of those plants are operating with less than 4 days of coal supply. Meaning that 11% of national generating capacity is teetering on the edge of shutdown. These plants are completely reliant on new coal deliveries. If coal shipping is disrupted for any reason, there's no back-up.
There are a few factors at play here. Firstly, India's coal production is lagging demand. Due to fixed government pricing that makes it difficult for coal miners to turn a profit. There's simply not much economic incentive to build new mines (although the government is trying to horse-whip producers into increasing output, even at low prices.)
The other problem is that India's coal-producing regions are distant from many of the electricity demand centers, especially along the coast. Bottlenecks in rail transport make it difficult to get coal to many of the power plants that need supply most.
A clear solution seems to be emerging amongst many of India's biggest coal buyers. Go international.
Yesterday, Maharashtra State Power Generation Co. (the firm that supplies power to Mumbai, among other places) announced it will seek to import 3.35 million tons of thermal coal in the year beginning April 1.
This is a big jump in Maharashtra's foreign coal use. Up 40% from the 2.4 million tons imported in the year ended March 31.
The company's managing director Subrat Ratho made it clear this is a decision coming from the highest levels in India. As he noted, "We would like to import as little as we can because overseas coal is six-times more expensive than Indian coal. But it appears the Ministry of Power has made an assessment of how much coal the domestic companies will be able to supply to various states and have given us this target."
The decision is changing the face of coal imports across the country. India's thermal coal imports surged 100% in 2009, to 60 million tons. Up from just 30 million tons in 2008.
With India's focus now shifting to coal imports, a question is arising. Where will this international supply come from?
Nations like China and Japan have been competing hard for years to secure coal supplies in many of the world's richest regions like Indonesia and Australia. Being late to the party, India is now making its own push to capture supplies. By going forth and buying mines.
Last year, the Indian government gave explicit instructions to many of the nation's largest coal companies to buy overseas coal mines in the interest of nailing down import supply.
One such acquisition materialized this week, with major coal miner and power plant operator Essar Group announcing its purchase of the Aries coal mine in East Kalimantan, Indonesia. The project is reported to hold 100 million tons of thermal coal.
This follows on the heels of Essar's recently-announced $600 million purchase of West Virginia's Trinity Coal Corp. Signaling that Essar (and other groups like it) are moving fast to secure coal assets globally.
The coal industry is already a crowded space, with several nations competing for imports and to buy mines. The sudden addition of an aggressive and deep-pocketed buyer like India could end up being like trying to drive a bulldozer through a mousehole. Putting upward pressure on both coal trade prices and the price tag for purchasing deposits.
We saw this movie once before in 2005 when China turned from a net exporter of coal to a net importer. Prices soared and coal producers had a great run in the stock market.
India may be the only other nation on the planet with the ability to do same.
Source: OilPrice
Dave Forest, dforest@piercepoints.com, www.piercepoints.com
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Wednesday, 31 March 10
COAL INDIA MULLS JOINT VENTURE WITH RIO TINTO AND PEABODY - DNA
DNA reported that, Coal India Ltd. (CIL) has finalised two key contenders for its international joint venture (JV) in Australian and US each. The co ...
Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
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- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Central Electricity Authority - India
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